TSLA
Tesla
-- 440.130 NVDA
NVIDIA
-- 128.910 MU
Micron Technology
-- 103.900 QUBT
Quantum Computing
-- 25.680 AMD
Advanced Micro Devices
-- 121.410 MY Morning Wrap | Gamuda's 2Q Net Profit Rises 7% Driven by Overseas Projects
Good morning mooers! Here are things you need to know about today's market:
●Markets Climb Back After Two-Day Downturn, But Semiconductor Sectors Stay Lower
●Prospects for Local Renewable Energy Sector Bright, Thanks to Abundance of Solar PV System EPCC Jobs
●Malaysia's Producer Price Index Increases by 0.3% in February 2024
●Stocks to watch: Gamuda, VS Industry
-moomoo News MY
Wall Street Summary
The $S&P 500 Index (.SPX.US)$ climbed 0.33% on Wednesday, shortly after close on preliminary figures, following a chilly two-day downturn. The $Dow Jones Industrial Average (.DJI.US)$ grew by 0.73%, while the $Nasdaq Composite Index (.IXIC.US)$ traded -0.01%. However, sectors like semiconductors remained lower.
Breaking News
Prospects for Local Renewable Energy Sector Bright, Thanks to Abundance of Solar PV System EPCC Jobs
Kenanga Research predicts a bright future for Malaysia's renewable energy (RE) sector, particularly in solar photovoltaic (PV) system engineering, procurement, construction, and commissioning (EPCC) jobs. The outlook for solar EPCC jobs is strong, underpinned by new contracts under the Corporate Green Power Programme worth RM2.4 billion and the 2GW Large-Scale Solar 5 worth an additional RM5 billion. The government has set a target of RE making up 70% of total generation capacity by 2050, which entails at least 20GW of new RE from now until 2050, with more than 90% expected to come from solar. The government has introduced a list of initiatives to promote investment in solar power generation. The prices of solar panels are at a historic low, while the supply of components is abundant, making PV system EPCC contractors poised for more jobs as cheap solar panel prices stimulate investment in PV systems.
Malaysia's Producer Price Index Increases by 0.3% in February 2024
Malaysia's producer price index (PPI) increased by 0.3% in February 2024 from a negative 0.6% in January 2024, according to the Statistics Department. The agriculture, forestry, and fishing sector rose 6%, while the mining sector recorded an increase of 5.3%, with the index of extraction of crude petroleum posting a 7.9% increase. The water supply index went up 3.6% in February 2024, following the increase in water tariffs across the country starting on February 1, 2024. However, the manufacturing sector continued to decline by 0.7%, attributed to the drop in the manufacture of coke and refined petroleum products and manufacture of food products indices.
Stocks to Watch
$GAMUDA (5398.MY)$: Gamuda Bhd reported a 7.29% increase in net profit to RM208.8 million in the second quarter ended January 31, 2024, compared to RM194.62 million in the same period last year, thanks to higher revenue from its overseas projects. The construction group's revenue more than doubled to RM3.33 billion year-on-year against RM1.44 billion in 2QFY2023. Revenue from overseas projects surged to 77% of overall revenue, while net profit from overseas projects surged to 58% of overall net profit. However, Gamuda's net profit for the first half of the financial year 2024 declined 70.38% to RM403.84 million versus RM1.36 billion in 1HFY2023.
$VS (6963.MY)$: Electronic manufacturing services (EMS) provider VS Industry Bhd reported a 47.3% decline in net profit for the second financial quarter ended January 31, 2024, to RM16 million from RM30.36 million in the previous year, as a reduction in orders from key customers in Malaysia, China, and Indonesia continued to weigh on earnings. Revenue slipped 22% to RM895.02 million from RM1.15 billion. Despite the lower quarterly earnings, VS Industry declared a second interim dividend of 0.3 sen per share, payable on April 30, 2024.
$PTRB (0260.MY)$: Frozen seafood supplier PT Resources Holdings Bhd reported a net profit of RM14.56 million for its latest quarter, over seven times the RM1.97 million it made a year earlier, as revenue increased amid higher domestic and overseas demand. Revenue for the three months ended January 31, 2024, came in at RM165.04 million, up 42.96% from RM115.44 million in the same period last year. PT Resources declared a second interim dividend of 0.65 sen per share, to be paid on May 17.
$EDUSPEC (0107.MY)$: Eduspec Holdings Bhd has secured a RM30 million contract from electronic manufacturing services (EMS) provider EG Industries Bhd to provide testing services for EG Industries' 5G optical modules and other related components. The contract was awarded to Eduspec Technology Sdn Bhd, a wholly-owned unit of Eduspec Holdings, from EG Industries' wholly-owned subsidiary SMT Technologies Sdn Bhd (SMTT). The contract spans one year commencing from April 1, 2024, and includes testing and validating SMTT's 5G optical printed circuit board assembly and other related components and products.
$KJTS (0293.MY)$: KJTS Group Bhd, through its subsidiary ETC Cleaning Services Sdn Bhd, has secured housekeeping service and floor polishing jobs at six different manufacturing plants located in Penang. The company accepted the Letters of Awards (LOAs) from Jabil Sdn Bhd and Jabil Circuit Sdn Bhd, both owned by the US-based product solutions company, Jabil Circuit Inc. The value of the contracts is expected to be finalised upon the execution of the agreements. The housekeeping services and floor polishing jobs will begin on April 1, 2024, and the scope of work will include a three-year housekeeping service until March 31, 2027.
$THETA (9075.MY)$: Theta Edge Bhd has partnered with India-based power transmission giant KEC International Ltd to bid for Tenaga Nasional Bhd's (TNB) future grid projects. The group has signed a Memorandum of Understanding (MOU) with KEC International and its Malaysian unit KEC International (M) Sdn Bhd (KEC Malaysia) to submit a contractor prequalification assessment for grid infrastructure work via a joint venture partnership. Under the MOU, the parties intend to submit their application for prequalification and appoint either KEC International or KEC Malaysia as the subcontractor to Theta Edge for providing supply and installation solutions for power transmission infrastructure.
$DESTINI (7212.MY)$: Integrated engineering solutions provider Destini Bhd has proposed a share consolidation, which would consolidate every 10 existing shares held by its shareholders into one share on an entitlement date to be determined later. The consolidation would result in an adjustment to the market prices of its shares and warrants B. For illustrative purposes, based on the last practicable date's closing price of 3.5 sen (March 22), the theoretical adjusted reference price of its consolidated shares would be 35 sen upon the completion of the consolidation exercise, while warrants B’s adjusted reference price would be 15 sen versus 1.5 sen on March 22.
Source: Dow Jones Newswires, Bursa Malaysia, The Malaysian Reserve, The Star, The EDGE
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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102373153 : Thank u